State support will be provided to legal entities and individual entrepreneurs operating in the IT sector

The Government of the Republic of Armenia has approved the draft decision "On approving the procedure for providing state support to commercial organizations and individual entrepreneurs operating in the field of information technology" presented by the Ministry of High-Tech Industry of the Republic of Armenia.

The adoption of the decision aims to support the development of the IT sector in Armenia, to create a competitive environment for the implementation of the activities of business entities in this sector. It also aims to promote the involvement of a highly qualified labor force.

According to the justification, state support was provided to 47 organizations in accordance with the established procedure, a total of 7,857,245,293 AMD was paid.

As a result, about 5854 workplaces were created. Taking into account that according to the established procedure, about 500 million AMD state support was provided monthly, the budget of the decision will be around 7 billion AMD. The adoption of this decision provided an opportunity for commercial organizations and individual entrepreneurs operating in the IT sector to keep existing jobs and salaries, stimulated the creation of new workplaces in the times of challenges in the global market.

The government of RA considers the importance of information technology development not only as a separate sector but also as a key factor in the general progress of the economy of the Republic of Armenia, increasing productivity and ensuring competitiveness in the global economy.